Life Insurance Exam [National] 27 – Personal and Business Uses of Life Insurance Explained

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Exam. In this episode you will learn: • The critical differences between the Human Life Value approach and the Needs Approach for determining coverage. • How Key Person insurance is structured and the specific tax treatment of its premiums and benefits. • The mathematical formula for determining the number of policies needed in a Cross-Purchase Buy-Sell agreement. • How Section 162 Executive Bonus plans function as a deductible expense for employers but taxable income for employees. • The definition of the Social Security Blackout Period and its impact on survivor income planning. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep